The United States and Ukraine have finalized a landmark agreement granting Washington access to Ukraine’s vast reserves of critical minerals in exchange for launching a joint investment fund.
The move is intended to bolster Kyiv’s war-stricken economy, signal enduring U.S. commitment, and potentially reshape the trajectory of Ukraine’s defense against Russia.
The agreement, formally named the United States–Ukraine Reconstruction Investment Fund, was signed on April 30, 2025 following months of contentious negotiations, delays, and shifting political winds in both countries.
U.S. Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yulia Svyrydenko presided over the deal’s signing in Washington, with leaders on both sides portraying the pact as a major step toward a more secure and economically viable Ukraine.
Strategic Investment tied to Peace and Security
While the full terms of the agreement remain undisclosed, both governments emphasized its geopolitical and economic weight. The deal gives the United States access to Ukraine’s reserves of titanium, uranium, lithium, graphite, and manganese — minerals critical to modern defense systems, nuclear power, aerospace, and green energy technologies. In return, Ukraine will benefit from a multi-billion-dollar investment fund focused on reconstruction and development.
“This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine,” said Bessent in an official statement. “President Trump envisioned this partnership between the American people and the Ukrainian people to show both sides’ commitment to lasting peace and prosperity.”
Ukraine’s Prime Minister Denys Shmyhal echoed the sentiment, calling it “a truly equal and beneficial international agreement” that secures future American investment without ceding control over national assets.
Deal Details: Ukraine retains control, US gains access
Key provisions of the agreement assert that Ukraine retains ownership and full control of its mineral resources, subsoil, and extraction decisions. According to Economy Minister Svyrydenko, “It is the Ukrainian state that determines what and where to extract. Subsoil remains under Ukrainian ownership — this is clearly established in the Agreement.”
The fund itself will be jointly managed and co-owned, with neither side holding a dominant vote. Contributions will come from new licenses issued by Ukraine for oil, gas, and critical mineral extraction. Notably, only future U.S. military aid will count toward the American contribution — aid provided prior to the deal’s signing will not be considered.
The partnership is designed to last ten years, with the fund investing solely in Ukrainian projects. Revenues generated from the licenses will be split 50/50 between the fund and the Ukrainian state, and contributions to the fund will be exempt from taxation in both jurisdictions.
Key points from US-Ukraine minerals deal
- Joint Investment Fund: Establishes a U.S.-Ukraine Reconstruction Investment Fund, jointly managed by both governments, to support Ukraine’s postwar recovery.
- Revenue Source: The fund will be financed through revenues from new projects in critical minerals, oil, and gas — not from existing operations.
- Future Aid as Contribution: Future U.S. military aid (weapons, training, etc.) will count as America’s contribution to the fund; Ukraine must match it with resource revenues.
- No Repayment of Past Aid: The final agreement does not require Ukraine to repay past U.S. military assistance using its mineral wealth, a major win for Kyiv.
- Ukrainian Sovereignty Maintained: Ukraine retains full ownership and control of all natural resources and state-owned energy companies.
- EU Membership Path Preserved: The deal explicitly keeps the door open for Ukraine’s eventual accession to the European Union.
- No U.S. Security Guarantee: The agreement omits any binding U.S. security guarantees — a notable absence given Ukraine’s longstanding requests.
- Excludes Adversarial Nations from Reconstruction: The deal states that countries which acted “adversely” during the conflict — referring to Russia — will be excluded from benefiting in Ukraine’s reconstruction.
- Delayed Profits Expected: Extracting and profiting from Ukraine’s untapped mineral wealth will take years and may fall short of earlier economic projections.
- Political Implication: The signing ties President Trump directly to Ukraine’s postwar economic future and signals a continued U.S. stake in the region’s stability.
Trump’s push for returns on aid
The agreement comes as President Donald Trump, now in his second term, has increasingly emphasized the need for the United States to be “repaid” for its military assistance to Ukraine. “We made a deal today where we get, you know, much more in theory than the $350 billion,” Trump said Wednesday in an interview with NewsNation — although official estimates from the Kiel Institute place total U.S. aid to Ukraine at approximately $120 billion.
Trump previously accused Ukrainian President Volodymyr Zelenskyy of stalling peace negotiations and “not having the cards” to win the war, but this week described their most recent meeting as “beautiful” and signaled renewed confidence in Zelensky’s leadership.
Zelensky and Ukrainian officials had initially pushed back on earlier versions of the agreement, which they viewed as overly favorable to U.S. interests and potentially detrimental to Ukraine’s path toward European Union membership. After modifications, Kyiv approved the latest draft, with Parliament expected to ratify it in the coming weeks.
Russia’s reaction
Moscow’s reaction has been predictably hostile. Former Russian President Dmitry Medvedev accused Kyiv of “paying for military supplies with the national wealth of a disappearing country.” Kremlin spokesperson Dmitry Peskov reiterated Russia’s interest in peace talks but said that “several questions still need to be answered” before a ceasefire can proceed.
On Monday, Russian President Vladimir Putin declared a temporary ceasefire, but renewed missile strikes — including a deadly attack on Odessa overnight Wednesday — cast doubt on the sincerity of that gesture. The U.N. Human Rights Office reported that Ukraine saw 2,641 civilian casualties in the first quarter of 2025 — a 46% increase over the same period in 2024.
Strategic Implications: Reconstruction, Realignment, and Long-Term Peace
Though the minerals deal falls short of an explicit security guarantee from the U.S., many analysts believe the agreement will deepen American strategic entanglement in Ukraine’s future, making disengagement increasingly difficult.
“The deal is good for the American taxpayer that is recouping the billions of dollars that we’ve put into supporting Ukraine,” said U.S. National Security Adviser Mike Waltz in a Fox News interview Thursday. “It’s good for Ukraine and helping it grow… and it’s good for its security.”
Whether this agreement will lead to a broader peace settlement remains unclear. The Biden administration, during its first term, struggled to push the parties toward lasting negotiations, and the Trump White House now faces a similarly uphill battle. Yet, amid rising civilian casualties, growing donor fatigue in the West, and hardline rhetoric from both Kyiv and Moscow, Wednesday’s minerals pact may mark a rare point of convergence — where strategic interests, economic necessity, and diplomacy meet.